Shadowfax Technologies IPO

About the company

Shadowfax Technologies is a new age technology-led third-party logistics (3PL) company that is focused on enabling digital commerce all over India. It partners with large enterprises in e-commerce, quick commerce, food delivery, and on-demand mobility. As of September 30, 2025, the Shadowfax network spans 14,758 pin codes in the country. The company provides diverse services, including, but not limited to, express parcel deliveries, reverse pickups, exchange deliveries, same-day and prime deliveries, quick commerce, hyperlocal deliveries, mobility services, and critical logistics. The company is among the fastest-growing major 3PL players in India. Its proportion of e-commerce shipments has dramatically risen from around 8% in FY22 to close to 23% in H1 FY26. The company is at the forefront of the market in reverse pickups, quick commerce logistics, and same-day deliveries (by order volume) in FY25 and H1FY26. In FY25, it managed 43.64 crore orders, representing a growth of nearly 30% CAGR since FY23. In H1FY26, it handled 29.45 crore orders, signifying a growth of more than 50% compared to H1FY25. The company has a strong logistics network across the country with 4,299 touchpoints and 53 sort centres that span over 1.8 msf. The total space for first-mile, middle-mile, and last-mile operations is more than 3.5 msf. Shadowfax also operates a large gig-based delivery model. On a quarterly basis, it has 205,000+ active delivery partners spread over more than 2,300 cities. This asset-light model keeps the cost structure flexible. Its proprietary technology platform comprises AI-powered route mapping (SF Maps), intelligent order allocation, and smooth API integrations for clients. Shadowfax operates mainly through three key service segments: express services accounted for a revenue of ₹1,716.08 crore in FY25 and recorded a growth of 29% CAGR over the FY23-FY25 period. This comprises forward deliveries, reverse logistics, exchanges, and prime deliveries spread over 14,758 pin codes. The hyperlocal services segment that covers quick commerce, food delivery, and mobility generated revenue of ₹513.24 crore in FY25 and the number of orders processed during the year was close to 9.5 crore. Other logistics services contributed ₹255.80 crore in FY25 and include critical logistics, unbundled services, and dark store operations. The company has partnerships with many leading digital-first companies like Meesho, Flipkart, Myntra, Swiggy, BigBasket, Zepto, Nykaa, Blinkit, Zomato, Uber, ONDC, etc. It is the only sizable 3PL player in India that supports full end-to-end e-commerce logistics as well as last-mile delivery for quick commerce, food delivery, and other hyperlocal use cases. India's e-commerce penetration is still very low, accounting for just around 7% of total retail sales in FY25. This contrasts with much higher levels in China and the US. On a per capita basis, the number of e-commerce shipments in India is only around 3-4 annually, whereas the figure in developed markets is as high as 60-85, signalling the strong long term potential for growth. The e-commerce logistics market (excluding quick commerce) is forecast to increase at a 15-20% CAGR from FY25 to FY30. At the same time, quick commerce, which was worth approximately ₹53,000 crore in FY25, is projected to grow fast at a 50-62% CAGR and reach ₹4-6 lakh crore by FY30. The underdeveloped e-commerce sector in India, together with increasing per capita shipments give a lot of opportunity for volume growth through express and reverse logistics in the future. The fast growth of quick commerce increases the demand for high frequency, same day and hyperlocal deliveries on a continuous basis, where the company is already a leader. When the clients grow rapidly, it gains from higher network utilisation, operating leverage, and margin improvement. The move to outsourced, tech-enabled logistics also raises the company's competitive position and pricing power in the long run. Now, Shadowfax Technologies Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹1,000 crore and an offer for sale of ₹907.27 crore. The total issue size of the IPO is ₹1,907.27 crore. Its shares will be listed on the NSE and BSE. ### **How to apply for the Shadowfax Technologies IPO?** If you are interested in this investment opportunity but unsure how to apply for the Shadowfax Technologies IPO, here are the steps that you need to follow. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Shadowfax Technologies IPO on Upstox: - Log in to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Shadowfax TechnologiesIPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app ### **How to check Shadowfax Technologies IPO Allotment Status? ** When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes. Here’s a step-by-step guide on how to check the Shadowfax Technologies IPO allotment status: - Login to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ page, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, you will find the ‘View all’ option - Once you click on ‘View all’, you will be directed to the ‘IPO’ tab - In the ‘IPO’ tab, click on ‘My applications’ - In ‘My applications’, under the History section, your Shadowfax Technologies IPO allotment status will be mentioned ### **How to pre-apply for the Shadowfax Technologies IPO?** You can pre-apply for the Shadowfax Technologies IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription. Follow these steps to pre-apply for the IPO: - Login to your Upstox account, using your six-digit PIN - After successfully logging in, click on ‘Discover’ - On the Discover tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Shadowfax Technologies IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Pre-Apply’ - Accept the mandate on your UPI app

GMP trend (Grey Market Premium by date)

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   20 Jan 2026

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   22 Jan 2026

   Last day to place your bid

3. Basis of Allotment

   Completed
   23 Jan 2026

   Share allotment finalised

4. Refund Initiation

   Completed
   27 Jan 2026

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   27 Jan 2026

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   28 Jan 2026

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.